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FOX Business
Jun 16, 2013 1:00am EDT
of the strongest parts of our struggling economy? hi, eryone, i'm brenda butner. the bulls and bears this week. gary b. ith, toeben smith, jonas, john layfield along with susan ox. welcome to everybody. okay, gary b., you say all this snooping could shock the one part of the economy that's actually growing? how so? >> absolutely, brenda. look, i'm going to call this the nsa tax, if you will. you know, we have the e-commerce segment o our gdp is about $269 billion. it's growing the faest of any retail segment that we have out there. in fact, it's probably,if you look back over the last few year really supplied the bulk of the job and growth and innovation in the retail sector. if people now are afraid to go online, and they ar i mean, they've been aaid in the past. you know, credit cards and stuff like that. this is only going to exacerbate it. if that industry starts to shrink,oh, boy, the economy is really going to suffer. >> jonas, you say consumers are going to get used to it afte a little while. >> i don't think it's going to change shopping behavior. the other day, you can save 3% on some
CNN
Jun 16, 2013 12:00pm PDT
, a world economy in turmoil. derail america's economic comeback. christine romans has answers. "your money" starts right now. >>> another week of volatility in the markets. the reason, we global unrest and uncertainty about the fed's role in propping up the economy. i'm christine romans, this is your money. from space, earth appears peaceful. take a closer look. while signs point a u.s. economy ready to take off, the rest of the world is struggling to take flight. riots in turkey. slowing growth in china. unrest over harsh cuts in greece. from extreme greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline on the dow this year. >> i would give our economy a b to b plus. >> the other guy getting a d is dragging us down. >> why might you not be feeling optimistic? housing prices on the rise. less unemployment numbers. but will the u.s. be dragged down by a world economy in turmoil. >>> want to bring in keith, ceo of risk management and michelle myers, from bank of america. let me start with you, keith. yo
CNN
Jun 15, 2013 11:00am PDT
of modern family. >>> first, will a world economy and turmoil derail america's economic comeback. christine romans has answers as your money starts right now. >>> another week of volatility in the markets. the reason? global unrest. uncertainty about the fed's role in propping up the economy. i am christine romans. this is "your money." >>> from space, earth appears peaceful. while science points to a u.s. economy that is ready to take off, the rest of the world is struggling to take fights. riots in turkey, slow growth in china, unrest over harsh cuts in greece. from ux treem greed to extreme fear. concerns over a global recession already creating volatility for investors. this week saw the biggest single day decline in the dow this year. >> i would give our economy a b to a b plus. >> the other guy's is dragging us down. >> why might you be feeling optimistic. housing prices on the rise, consumer confidence at a five-year high, fewer americans filing for unemployment. will america's comeback continue or will the u.s. be dragged down by a world economy in turmoil? >>> i want to bring in ke
CNBC
Jun 20, 2013 1:00pm EDT
of the monetary stimulus out of the equation if the economy is getting better. and he says, the economy is showing signs of getting better and we think by year end and into 2014, it's going to be better still. so we anticipate being able to take away some of the scaffolding around this building and let it see whether it can stand on its own two feet. why is that bad news? why are commodities, stocks and bonds selling off on what, really, you could interpret as good news? >> i think it really isn't bad news, and i do think that much of what chairman bernanke said yesterday was in line with market expectations, but it clearly wasn't in line with investor positioning. so people are selling because they had a different expectation of where the fed was going to be. we now have a situation where there is some concern coming out of the markets, are the feds going to move too soon? i think that's unlikely. inflation continues to fall, so we're in a disinflationary environment. i think the feds' investments on employment are probably accurate, so i think as we look at the second half of the year, positions
CNBC
Jun 21, 2013 7:00pm EDT
point. the economy is soft, inflation virtually non-existent and i'm just going to add why risk deflation when we barely have a recovery at all? one major consequence of the bernanke policy of ending bond purchases is the big jump in interest rates and that, in turn, changes stock market valuations and that is one big reason for the large correction in stocks this week. no one can foretell the future. least of all, me. but let me just ask a couple of questions here. have treasury rates completely discounted an end to qe, okay? i don't think they have. here's my fear. i'm just going to say this. if you play this out, the ten-year treasury ought to be the same as the growth of total spending or nominal gdp in the economy and that's 3.5%, maybe 4%. we're at 2.5% on the treasury. in other words, in the last year we'll be looking at rates going to 4% in treasurys and i don't think that's in the market yet. now, also, will both stocks and bonds play cat and mouse with the fed? every day, every week, every month for the next couple of months. that's going to be a tough one. since i don
CNBC
Jun 20, 2013 4:00am EDT
the fedotenko start scaling back its bond buying program at the end of the year if the economy continues to improve. his comments at the meeting shook the stock and bond market. it's greater optimism. the unemployment could drop to 6 point phone 5% in 2014. that's a year earlier than previously thought. they're still not concerned about inflation and think gdp might expand faster than 3% over the next two years. bernanke tried to draw a distinct line between tapering and the end of qe 2. >> the most important thing that i just want to convey again is that it's important not to say this date, that date, this time. it's important to understand our policies are economic dependent. >>> so coming from the fed. equities sold off in the united states. you can see here just about 35, 40 stocks on the dow jones 500. ftse up 1 2/3. the pmi number. basic resources are the biggest seller. that comes off with china, hsbc pmi down at a nine-month low. new orders down. we're getting more on that from munich. the market reaction, this means commodities are weaker as well to date. spot gold down 3% this
CNBC
Jun 16, 2013 7:30pm EDT
contributes to gdp and makes up more than two-thirds of the u.s. economy. america is on track with the smallest deficit for five years. the -- a fall of more than 25%. a reason standard and poor's raised the credit rating from negative to stable. a the software will he easier photo sharing and it's siri voice activation software. >> the dow losing streak, bond yields rising, worries about the federal reserve. what to do, stand pat? joining me right now, the chief investment officer, and jason, chief investment officer. thank you so much. so, rebecca, not like their there was change in sentiment this week. now we know the fed is going to stop at some point, but really, really volatile markets. up 200, down 200, then a big bounceback on thursday. were you surprised? >> a little bit. we all knew the day would come butl the quantitative easing, the monetary policy in the u.s. and europe and japan, something there's no precedent for. so we knew there would be some sort of market reaction when the tone started to change, but this is bigger than most people expected. >> what does the
CSPAN
Jun 21, 2013 7:00am EDT
wall street journal," -- -- he went on to say, "the economy is recovering too slowly and should not be regarded as the new normal." >> we need a new approach. an approach that removes obstacles of growth, prosperity -- of growth and prosperity. unleash the nation of builders. to become a nation of builders and i think we have to stop picking winners and losers and start focusing on expanding opportunity for everyone. we started out by giving our kids a good chance at an education. to hirend opportunity axa's education so students are ready for tomorrow's job market. to become a nation of builders again, we need to fix our tax code. if we clear out all of these loopholes and make the tax code fair it is going to make it easier to understand, we will be creating more incentives to bring jobs home, and keep our resources here in america. a host: john boehner before the national association of manufacturers. this headline from "the -- this editorial from "the wall street journal" -- joseph on our twitter page has this comment -- logan is on the phone from las vegas on our independen
CNBC
Jun 19, 2013 4:00pm EDT
the downside risks to the economies have diminished. that's certainly good news. the economy is improving. then they went on to say, mr. bernanke reiterated, the fed may taper bond purchases at the end of the year and finish by mid-2014. that was a little more flesh on the bones of their plan there. that was the important part of that. stocks and bonds dropped on that. the dow jones industrials average. we have ended at the lows of the day, down about 200 points in the dow. that started dropping -- even though we were down before 2:00, the slide accelerated as mr. bernanke began speaking at 2:30 on the press conference. bonds took it on the chin. take a look at the agg. this is the bond etf, the largest one that's out there. that's an aggregate of the total bond market. this is now essentially sitting at a two-year low. let's move on. low inflation, not great necessarily. for gold. gold took it on the chin as well. take a look at gold. gold is also closing right near two-year lows. these are intraday charts. but gold is near a two-year low right now. other commodities dropped as well toda
CNBC
Jun 21, 2013 4:00pm EDT
suggest that the economy's doing better. if we continue to escalate a lot higher, like we have been -- i mean, we're up 87 bips on the 10-year in a month and a halftime. if we continue with that pace, that's what will cause the volatility, i think you want to use the volatility to pick out long-term themes -- in housing, aerospace, the industrials, and even start to look at the defensive stocks as they come down. >> rebecca, part of the issue for the markets has been currencies, has been credit, obviously. i mean, the dollar soaring against all currencies, right? euro, brazil, across the board. >> i think the dollar is likely to stay strong. the u.s. interest rate trend, i think, is going to be with us for a while. maybe not 30 years like falling interest rates were. but it could be for a couple of years. and so, if we're in that environment where you have rising interest rates, a stronger dollar, weaker commodity prices, when you think about the u.s. stocks you want to own, you want to think about names that are going to do well in a strong dollar, weak commodity environment. there are
FOX Business
Jun 19, 2013 1:00pm EDT
? this global economy. certainly, ups is a definite no whether to where we are headed. right now, checking out stocks. nicole petallides on the floor of the new york stock exchange. nicole: the dow jones industrials down about 28 points. not to off the unchanged line. there is this wait and see mode today. the last trading days have been up more than 100 trading points. the volatility is back. it has been the name of the game since may 22. we heard that tapering maybe in the future. right now everyone is just waiting to see what the fed really has to say. the language is so key here. everyone is waiting to see. right now you can see that the dow is down just slightly. lori: you summed it up beautifully for us. we will get one of the most federal reserve statements ever and less than an hour. will we get any clue as to when tapering will begin? thank you so much for joining us. what are you expecting to hear from the fed today? >> i expect no change. the statement is key. i will look for the labor market. is this the best that we are going to get? if, yes, i expect the taper to put off. lori: o
CNBC
Jun 19, 2013 5:00pm EDT
all ben bernanke is saying is that our economy is out of critical care and needs to start walking under its own power. with all the cash on side lines i still see a day like today as a buy on the dip. that's been the mentality until now. we shall see if our economy is getting better. that will do it for closing bell. thanks for joining me. i'll see you tomorrow. fast money begins right now. >> life in the nasdaq market site in new york city i'm melissa lee. taper games. the market having its worst fed day since september 2011, the dow dropping 206 points and the ten year yield surging to a one year high. also suggests a possible taper scenario still ahead this year. everyone wants to know what is the trade you put on right now. josh, kick it off. >> right now i would continue to do what i've been doing since we talked about this going an on going correction. only high conviction names. it wouldn't shock me. you typically get one a year. this is a very interesting day in that the staples got crushed and the best performing sectors were energy and the materials names. both sectors d
CNBC
Jun 18, 2013 7:00pm EDT
today, and roughly 2% under performing economy, there's just no reason for interest rates to jump higher. the u.s., by the way, is really the only global stock market game in town. our companies are profitable. so at these levels it may not be roaring bullish. i don't think the fed is going to taper down tomorrow, and i do believe the bull market is far from over. that's my take. let's welcome kenneth heed ner. and i'm joined by george gilder. he has the book "knowledge is power." ken, what say you? >> i say that we have a number of years of growth ahead of us in the economy. it's growing at 2%. it's going to accelerate as consumer confidence rises with rising housing prices. we'll see 3, 4, 5% growth rate. >> 3, 4, 5%, those are big numbers. you had an okay housing number today but housing starts are up 29% on year. here's my inflation point. the year-to-year cpi, 1.4%. guys like me two years ago worry about inflation, money printing, i was wrong. i said that before. the best set indicator, 1.0%. without inflation, why should inflation rates have to go higher? >> they go a little bit hi
CNBC
Jun 19, 2013 7:00pm EDT
not be until december or early next year. third point, the u.s. economy's still only growing sluggishly, only 2% growth. just about 1% inflation. modest profits. falling gold. and a steady king dollar. interest rates in my view are not going to skyrocket. there's more money to be made in stocks. the second half is going to be a slower slog than the first half. okay? that's my take on the story. here now we bring in former federal reserve governor frederick mishkin, currently an economics professor at columbia university. welcome back, rick. i just want to ask you, this is a very complicated news conference and a lot of people are saying many different things. first of all, let me ask you if i have the story right. i heard the news conference. the fed will slow down bond purchases toward the end of the year. is that what bernanke said? >> i think what they're trying to do, they've been very concerned, i'm sure, about all the volatility in the markets. and they want to make sure that people understand that in fact they are going to get out of this purchase program, which raises a lot of complicat
CNBC
Jun 21, 2013 6:00am EDT
what he said? valuations are attractive still. businesses are doing well. the economy is strengthening. get this. he says even with $20 billion, he opportunity have enough money to take advantage of all the opportunities here. >> 20. it's not all his. >> he says he's not looking at this point like, look, maybe the rate of the market has slowed down. we're not talking about three year doubles at this point. he says for his funds he's looking more five or six years for doubling. maybe nine or ten for the market. still talking about a very strong market and a place he sees great opportunity. >> these are times you try to keep your cool. >> got to have some powder. got to have dry powder. >> i wish we had all the guys looking for -- if they were to come on and say no, no, no, i'd feel better. they're never able to pull the trigger. want to go overseas? >> i think we should. for a moment. >> take us there. >> i hear this whole thing in china is kind of just not just ben bernanke creating some problems. let's talk about trading in asia and europe today. ross westgate standing by in london. f
CNBC
Jun 20, 2013 6:00am EDT
this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is going to h
FOX Business
Jun 21, 2013 11:00am EDT
that is something that is likely. you would have to see something happening much bigger in the overall economy. i do not think it is likely. >> during the recession, new home construction dropped by roughly half. now, thanks to supply and demand, we are starting to see what could be a very robust housing market. a great deal will depend on the broader economy. connell: david, thank you. david lee miller four us in the newsroom. great story. dagen: new regulations could create a labor shortage in that industry. connell: added to my long-standing theory. nevermind. twitter founder jack dorsey teaching small business leaders how to harness attention in social media. he sat down with our friend, peter barnes. talking about rates all day long. dagen: hello. connell: hey, how's it going? dagen: that is a big move. connell: exactly.% a big move from where we were. we will be right back with more "barkett now." ♪ i want to be prepared for the long haul. ishares minimum volatility etfs. foa smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackr
CSPAN
Jun 16, 2013 8:00am EDT
the financial system and the economy did it exist to support. this is at the center of "masters of nothing," the book we're launching this week. because throughout her life, lady bacher passionately believe capitalism was not only the effect this form of economic organization ever invented, but also the most moral. today, the first of those points is almost undisputed and we should all be grateful to the market liberals of west and east, who in free the peoples of the former communist bloc restocked in turkey so liberated billions in china and india and indonesia in beyond, from grinding poverty and prove once and for all that free markets are the greatest source of prosperity ever known to man. but the free market is a world force of good is less well understood and its moral authority hinges on two crucial factors. first, free-market airfare because we were disproportionate to effort. when markets work, those who prosper and work hard and risk their capital to succeed in making other people's lives, their customers lives better. for most people, fairness is a form of reciprocity that she
CNBC
Jun 19, 2013 1:00pm EDT
consequential meeting for markets and the federal reserve in terms of guiding markets and guiding the economy on policy here. i want to give you some tips that i think is a way to listen to bernanke today. i think you want to watch the forecast, the 2.6% gdp growth, the average for 2013 and the 7.4% unemployment rate. those could both come down here. unemployment could actually go either way, but i think it might come down here. watch the tapering guidance of the the market bet is that there is not a taper at this meeting, but bernanke could lay the groundwork for september or sooner. rates versus qe. listen to the chairman try to talk. we expect this, that he'll start to say, you know what, bernanke could strive to convince the markets that tapering does not mean a rate hike, and finally i would expect the third degree on the third term. expect many questions on whether bernanke wants to stay or if, you know, he's been fired. one thing i want to show you is the ten-year. we'll be asking the fed chairman about traits and whether the rise in rates is something that the fed wants to have happen
CNBC
Jun 19, 2013 9:00am EDT
mean for commerce and economy. >>> and now a backing off of a bid for sprint by dish, and they will concentrate on clearwire. >>> and also, a look at icahn stepping up dell bid. >>> and now the fed is wrapping up the two-day policy meeting this afternoon. investors hoping that fed will provide clarity about how and when the fed will wind down the bond buying program. make sure to watch the statement, and ben bernanke's news conference which is i perhaps more important, and it starts at 2:00 p.m., and one way or another, it is going to be nice to get something out of the way, wouldn't it? >> yes, i used to regard these events as big bad events when i worked at the hedge fund, because there could be relief even if he says the wrong thing and i'd love for him to address the 10-year, because it signals that the e kconomy is better, b it is not just weak. but if you address the 10-year, i'm in control and the bond vigilantes are not. i believe when this is over, we will come back and discuss -- i'm not kidding -- stocks. >> although, is it possible that the language that h
PBS
Jun 18, 2013 7:00pm PDT
. >>> the leaders of the world's wealthiest economies have shared their thoughts on everything from global financial markets to the civil war in syria. but they didn't always agree. the heads of the group of eight nations wrapped up their summit at a resort in northern ireland. they said they would take a tougher stance on money laundering, but offered few specifics. >> we launched negotiations on the biggest bilateral trade deal in history. we agreed a lock earn declaration that has the potential to rewrite the rules on tax and transparency for the benefit of countries right across the world, including the poorest countries of the world. >> the leaders agree that tax authorities in their countries would do more to share information. they want to better track the profits of international corporations to make sure they pay their fair share. they found less common ground on syria. >> it's no secret that there were very different views around the g-8 table. but we all share a vital interest in bringing this conflict to an end, and helping the syrian people to achieve the change they want. >> cameron sa
PBS
Jun 19, 2013 7:00pm PDT
world "newsline." >>> policymakers with the u.s. federal reserve are noticing changes in the economy so they're planning some changes for themselves. ai uchida joins us from the business desk. what do they see? >> they've seen the housing market improve, consumer confidence, household spending. in fact when the chairman of the u.s. federal reserve looks to the future, ben bernanke likes what he sees ahead for the economy. the central bank has pumped billions into financial markets over the last several years, but bernanke says later this year the fed could begin slowing the pace of stimulus. federal reserve policymakers released a statement after meeting for two days. they decided to continue buying government bonds at the current rate of $85 per month. but bernanke says they could change their tactics as the labor market changes. >> and if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around midyear. >> bernanke said the jo
CNBC
Jun 21, 2013 1:00pm EDT
't think the economy is that strong yet. that would be another conversation on the line, but i think the interest rate -- the jump in interest rates is more once again of a knee jerk reaction. >> do you agree with that, because it does feel as though we're kind of at an infliction point in terms of rates, and this has been a really big backup this week in rates even though we're still at historically low levels. >> as much as i love kenny, i disagree with the big guy. an overreaction, no. we aren't seeing an overreaction. big ben. came out with the bernanke belly flop when he inadvertently suggested that they can move the stimulus or even taper on unemployment target. went from 6.9% up to 7%. that was huge, and that's when the ripple effects and the tsunami came into the treasury pits behind me. they began selling it, and right now, sue, severe technical damage, so the treasury market, obviously 7 and above, 2.40 in the ten-year note is very difficult. equity bounced off this 100-day moving average of 15.75 which coincides with the multi-year high. a lot of people were caught offside
CNBC
Jun 20, 2013 9:00am EDT
is not only allowing inflation, but the fact that it won't come down. and now the u.s. economy has to take into account that and the move of rates and the 1.5% move in rates is a hard pill to follow. >> and scott n the last three or maybe four, the feds have come in, and they have said, i am short the 10-year and take a boatload and every year they are wrong, and perhaps now, but to this point, we are waiting for an appreciable move in rates for year and years and the fact that the economy may not stand on its own legs is curious to me. i am curious what you are hearing out there, as well, scott, in terms of the pain people are taking on the fixed income side, and those who are not short credit and obviously watching the equities sell off. >> the market, whether it is treasuries or equities, the market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking abo
MSNBC
Jun 21, 2013 3:00am PDT
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
PBS
Jun 18, 2013 11:00pm PDT
december kay and economies die." >> while we spend a lot of times talking about how poor economies can improve their institutions to get richer, we don't talk about how richntries can get poorer. >> rose: we conclude with george packer. his book is called "the unwinding: an inner history of the new america." >> i the book appeals to people who are of different political persuasions who say "that's it. that's what life in america has been this past generation. it's been a time of winners and losers, of old institutions that used to support middle-class people eroding and instead a kind -- a landscape where people are on their own and some people do very well and some people do not and the ties that have held us together as a people seem to be getting looser. >> rose: naill ferguson and george packer when we continue. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. ferguson is here. his new book is called "great degeneration: how institutions decay and economies die." in his book he argues that the west is in decline and he examines th
CSPAN
Jun 17, 2013 8:00pm EDT
of america, this remains a vibrant place to live with a balanced economy. the american people must have a voice about what those rules will be. and congress cannot skirt responsibility to legislate. again, i would like to close here by thanking those who led this effort, mr. collins in particular, for leading the floor conversation. he has shown great leadership, working very hard. you came here as did other members of the freshman class to make a difference by supporting the reins act and i think you will advance that cause. mr. collins: it is easy to follow in the stoot steps. and we will work to continue that fight. i thank you for being here tonight. it is now with great pleasure, another freshman who has come from north of me in north compassion for his constituents. mr. holding: i thank the gentleman from georgia for the opportunity to discuss this administration's excessive regulations. we know the harmful effect that overregulations had on the economy and since taking office, president obama and his administration have continuously burdened the american people with an exceptiona
FOX News
Jun 19, 2013 3:00pm PDT
to tap the brakes on the feds' bond buying program designed to lower interest rates and spur the economy. fox business network senior washington correspondent peter barns has an update. >> good evening. the fed says the central bank could be getting ready to wind down the easy money policies it has been using for the last five years to help the economy recover from the great recession, the first to slow and then to go, the controversial bond buying program, known as quantitative easing, which helped keep interest rates low. so far, the fed purchased $2.5 trillion in bonds to help flood the financial system with cash, basically printing new money. purchases help keep rates low for auto loans, mortgages and business loans. the fed chairman had cars on his mind when he said his team could start reducing purchases later this year, if the economy keeps growing and unemployment keeps dropping. >> if incoming data support that the economy can sustain a reasonable cruising speed, we will ease the pressure on the accelerator by gradually reducing pace of purchases. however, any need to consider a
CNBC
Jun 17, 2013 6:00am EDT
morning to you. leaders of the world's most powerful economies are gathering in northern ireland for a two-day summit. british prime minister david cameron is the host, and he's pushing for countries to share more financial information. leaders there also expected to discuss differences on some of the big issues. syria's civil war, free trade between europe and north america and of course global tax evasion. we'll have a live report from steve sedgwick on the ground in the next hour. >>> unions in turkey, they're on a owuone-day strike over the eviction of protesters from a park in istanbul. police and protesters clashed from sporadically overnight following a weekend of scuffles in the city. nbc's richard engel will join us with the latest in the next hour. >>> also in corporate news this morning, a large activist investor in smithfield foods is pressuring the company to explore a break-up rather than go ahead with that planned $4.7 billion takeover by a chinese meat producer. i don't know if this is going to make joe happy or not, but "the wall street journal" reporting that starboard va
PBS
Jun 20, 2013 11:00pm PDT
is in cities and metropolitan contraries because these are the engines of the economy, centers of trade and investment. top 100 metros so only one ace of the land mast, two-thirds of the population, three quarters of the gdp and on every indicator that matters, infrastructure and human capital and innovation. 75, 80, 85, 90% of the nations share. there really is no american economy. what we have is a network of metro economies and they're now stepping up and doing the hard work. >> but at the same time we all know that some of the toughest economic challenges are the state and local level. >> absolutely. but the great thing about metropolitan areas is they're not just governments. you know, the federal government is a government. state governments are government, metropolitan areas are networks. and we see that these networks are finding really creative and beneficial ways. >> rose: networks between what? >> networks of different companies, different philanthropic groups, different individuals, all coming together. they have loose or tight connections. and they can fund things more-- in
CNBC
Jun 19, 2013 4:00am EDT
that the outlook for the u.s. economy is still quite unclear and that would dovetail nicely with what are likely to be downward revisions to the fed's forecast for the economy. if you look at the march forecasts, they were still forecasting 2013 gdp at 2.5%. and while i don't think they will go down to the sort of level that the imf was forecasting at 1.9 last friday, down grading that forecast of gdp, downgrading their inflation forecasts to levels which they previously described as sub optimal should offer markets some reassurance that as much as bernanke will stress tapering probably is going to happen, it's a matter of when. and he won't pre-judge his options. it's not something which means immediately that interest rates are going to rise. one of the things that markets seem to have to gotten, that when the fed outlined its qe exit plan in 2011, it did actually say the first thing it would do was not raise interest rates but stop rolling off or reinvesting maturing debt. >> the other thing of course is they won't be buying any fresh stuff even when they stop. and tapering doesn't mean they
CSPAN
Jun 22, 2013 7:00am EDT
university, about the state of the u.s. economy. later in the program we will be joined by a matthew segal. he will be here to talk about issues important to young americans. you are watching "washington journal." we will be right back. ♪ >> when you talk about transparency to the american public, there is -- you are going to give up something. you are going to be giving signals to our adversaries as to what our capabilities are. the more specific you get about the program, the more specific about the oversight, the more specific you get about the capabilities and successes, to that extent you have people sitting around saying, "ok, now i understand what it can be done with our numbers in yemen and in the united states and consequently i am going to find another way to communicate." there is a price to be paid for that transparency. where that line is drawn, in terms of identifying what our capabilities are, is out of our hands. if you tell us to do it one way we will do it that way. there is a price to be paid for transparency. >> robert muller makes his last scheduled appearance before
FOX Business
Jun 17, 2013 6:00pm EDT
. thank you for coming on tonight. >> no problem. gerri: in an unrelated story, is the economy about to hit the brakes? there has been slowdown for the past three years. kennedy avoided if this year? with more on this, we have with sam saunders a chief investment strategist for charles schwab. i want to get to this idea of the economy in just a second. but first, i would like you to respond to this pink newspaper about how ben bernanke may indicate exactly what he's going to apply the brakes on easing this week. we expect to hear from him on wednesday. what do you say? >> i'm not so sure that that is shocking news. this has been building to the point where it actually starts tapering off. they have been transparent. to think about this a few months in advance, i'm not so sure that i understand why this is newsworthy be one you may be calm, but the markets were not. where do you think the professional traders are thinking about this right now? >> the market is having little tantrums. but it's not a big surprise. we know what the fed has done is unprecedented with quantitative easing a
MSNBC
Jun 19, 2013 3:00am PDT
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
CNBC
Jun 17, 2013 7:00pm EDT
, but they are not focusing on the right thing which is growth, growth, growth. the european economy is in a six-quarter double dip recession. the u.s. is sub par. japan is trying to reignite, and i'm especially critical of european monetary policy which is way too tight. and speaking of monetary policy, our markets are more obsessed with it than ever. strong stock buys this afternoon, based on just one reporter from "the financial times" and his ill-advised, uninformed conjecture about what the fed would do, and then when that same reporter tweeted everybody that he really had no idea what he was talking about, well, stocks regained most of their losses. crazy story. an nsa leaker edward snowden points his finger straight at the big tech companies. they said they should resist the government's demand for user information. wrong. they should abide by all our laws, especially national security laws. all those stories and much more coming up on "the kudlow report" beginning right now. >>> let's start right away with cnbc's michelle caruso-cabrera. she is covering the g-8 summit. michelle, good eve
CNBC
Jun 17, 2013 11:00pm EDT
. then there are the people. the other one who matters, ben bernanke, he recognizes the economy may not be enough to draw the sim lus in fine 13. what's that mean? in 1937, when we were coming out of the great depression, the white house and congress decided things were bouncing back strong! strong enough that it was time to start closing the deficit by raising taxes and putting less financial support into the economy. fed agreed. hey, come on, man, it was a first class disaster. >> the house of pain! >> it turned out to be a recession within a depression. now the president and congress have raised taxes as a part of the fiscal cliff deal. they both agreed to the sequester, which was supposed to cut defense spending. it is impacting a lot of little programs the media isn't focused on. we haven't heard much about it. the fact that they're at 52-week highs, makes it seem like the sequester doesn't matter at all, who cares? government just doesn't know what it's doing. that's not the point. the point is neither the president or congress is doing anything extra, anything substantive to get it moving beyond w
FOX Business
Jun 17, 2013 3:00pm EDT
the reason the fed would taper. the reason the fed tapers is that the economy is markettedly better or marginally better. the fact is it's seen as a negative somehow. we got better than expected housing data today. that's not holding on to the gains. the narcotic association -- national association of home builders index, right hand of the screen, rose from 52 to 42 in may, the highest since 2006. today, the engines roar, kicking off the start of the paris air show, the show where the top airlines and all the big makers show us and show their wear. is shares of boeing like what they saw today. shares of boeing at a new high after a ceo had confidence in the brand new batteries they reinstalled in the dream liner, and it received an order for ten 787 10x. that's good news for boeing. nicole on the floor of the new york stock exchange, the spy case, and silicon valley opens the books to the government because the government asked for information. we'll get more on that story. and we have a cautionary tale of china being the spoiler on detroit's comeback. yes, detroit's auto world come
CNBC
Jun 17, 2013 6:00pm EDT
the economy may not be enough to draw the sim lus in fine 13. what's that mean? in 1937, when we were coming out of the great depression, the white house and congress decided things were bouncing back strong! strong enough that it was time to start closing the deficit by raising taxes and putting less financial support into the economy t. fed agreechltd hey, come on, man, it was a first class disaster. >> the house of pain! >> it turned out to be a recession within a depression. now the president and congress have raised taxes as a part of the fiscal cliff deal. they agreed to the sequester, which was supposed to cut the defend spending. it is impacting a lot of little programs the media isn't focused on. wetion heard much about it. the fact that they're at 52-week highs, makes it seem like the sequester doesn't matter at all, who cares? government just doesn't know what it's doing. that's not the point. the point is neither the president or congress is doing anything extra substantive to get it moving beyond what it's done. we have for the interstate highway to build out over ike. we have n
NBC
Jun 18, 2013 3:00am EDT
to start closing the deficit by raising taxes and putting less financial support into the economy. fed agreed. hey, come on, man, it was a first class disaster. >> the house of pain! >> it turned out to be a recession within a depression. now the president and congress have raised taxes as a part of the fiscal cliff deal. they both agreed to the sequester, which was supposed to cut defense spending. it is impacting a lot of little programs the media isn't focused on. we haven't heard much about it. the fact that they're at 52-week highs, makes it seem like the sequester doesn't matter at all, who cares? government just doesn't know what it's doing. that's not the point. the point is neither the president or congress is doing anything extra, anything substantive to get it moving beyond what's done. we have no interstate highway to build out over ike. we have no wars, fortunately, like world war ii. we don't have a problem to fix bridges and tunnels. i often think the pipeline companies and google, google are doing more to help infrastructure and the government. into the breech comes ben
CNBC
Jun 21, 2013 4:00am EDT
. and the double hit of the weak chinese economy and also the fed's tapering continue to weigh on this sector. back to you. >> thanks for that. let's recap what happened in the u.s. as well. selling off for a second day. dow, s&p 500 suffering their worst day of the year. dow down 254 points. highest one day percentage drop since last november. all 30 components down with 29 of the 30 dropping more than 1%. s&p had its worst one day percentage drop since november as well. november 2011, i should say. all ten s&p sectors were down more than 2%. 96% of the stocks listed on the benchmark index ended in the red. the vix, the markets fair gauged up more than 23% to its highest close since december. joining us for more, charles steeple, head of market strategy at lloyd's bank with us for the best part of the first hour today. good to see you. it's been described as sort of a big unwind of leverage. the thing that's striking about this, of course, actually what was the hedge yesterday that paid off? maybe if you were long in the vix. otherwise you were pretty much whammied. >> yeah. i mean, it's -- heads
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